Anglo American, the massive British mining company, has declared its intention to split up after rival BHP’s £34 billion approach was turned down.
The corporation said that it will sell or demerge significant portions of the company, including its coal-mining and steel-making companies, Anglo American Platinum, and the De Beers diamond enterprise.
The remaining company will concentrate on its operations in copper, iron ore, and crop fertilizers as a result of the move.
The 107-year-old business is facing pressure to provide value to investors as it thwarts an attempt by Australia-based BHP to acquire it.
Chief executive Duncan Wanblad told the London Stock Exchange, “We expect a radically simpler business will deliver sustainable incremental value creation through a step change in operational performance and cost reduction.”
